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Taxes--Taxes

Discussion in 'Political Discussion' started by Harry Boy, Feb 29, 2008.

  1. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Taxes...Whether Democrat or a Republican you will find these statistics enlightening and amazing.
    Taxes under Clinton 1999 -------- Taxes under Bush 2008
    Single making 30K - tax $8,400---- Single making 30K - tax $4,500
    Single making 50K - tax $14,000---- Single making 50K - tax $12,500
    Single making 75K - tax $23,250---- Single making 75K - tax $18,750
    Married making 60K - tax $16,800---- Married making 60K- tax $9,000
    Married making 75K - tax $21,000---- Married making 75K - tax $18,750
    Married making 125K - tax $38,750---- Married making 125K - tax $31,250

    It is amazing how many people that fall into the categories above think Bush is no good and Bill Clinton was the greatest President ever.

    If Obama or Hillary are elected, they both say they will repeal the Bush tax cuts and a good portion of the people that fall into the categories above can't wait for it to happen.



    This is like the movie The Sting with Paul Newman; you scam somebody out of some money and they don't even know what happened.

    Information abovefrom www.taxfoundation.org/publications/show/151.html
     
    Last edited: Feb 29, 2008
  2. Dino 6 Rings

    Dino 6 Rings Third String But Playing on Special Teams

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    But you know, anyone making over 25k a year is rich and is the "Haves" so we have to tax them higher to help the "won't do it themeselves" I mean...Have Nots.
     
  3. cupofjoe1962

    cupofjoe1962 In the Starting Line-Up

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    Something very few people (outside of accountants) know about is the AMT.

    My accountant told me that if Bush did not sign the patch for the AMT
    in 2007, I would have received $1,800 less in my refund.

    I had never heard of the AMT and I bet most people have not heard of it.
    I am sure Obama, would not sign the patch because it applies to the rich
    individuals earning more than $40,250.



    The Alternative Minimum Tax (AMT) adjusts your tax liability to recapture some tax benefits. AMT is an alternative method for calculating your taxes. The regular income tax uses your adjusted gross income (AGI), then subtracts your standard deduction or itemized deductions, and then subtracts your personal exemptions, to arrive at taxable income. To calculate AMT, you start with your AGI, and then add or subtract any adjustments allowed under AMT rules, to arrive at taxable income for AMT purposes. You then calculate your AMT tax at a 26% or 28% tax rate.

    Because AMT does not allow the standard deduction, personal exemptions, or certain itemized deductions, your tax under AMT rules may be higher than your tax under regular tax rules.


    Generally, AMT may apply to individuals earning more than $40,250. AMT also applies to people who have a large amount of standard or personal exemptions, exercised incentive stock options, who take a net operating loss deduction, who have certain other types of income, or claimed certain business-related tax credits. AMT is calculated using Form 6251
     
  4. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Not sure what you are reading or smoking there harry, but here is what the chart says, a heck of a lot better than you chart from the same source.

    Individual Income Taxes Under Presidents Clinton and Bush, 1999 Law and 2008 Law
    For taxpayers who take the standard deduction and have no children
    Taxpayer Tax under Clinton, 1999 tax law Tax under Bush, 2008 tax law
    Single, income of 30,000 $3,157.50 $2,756.25
    Single, income of 50,000 $7,262.50 $6,606.25
    Married, income of $50,000 $5,085.00 $4,012.50
    Single, income of $75,000 $14,262.50 $12,856.25
    Married, income of $75,000 $9,426.50 $7,762.50
    Single, income of $125,000* $29,378.50 $26,472.25
    Married, income of $125,000* $23,426.50 $19,462.50
    *This chart does not take into account the Alternative Minimum Tax
     
  5. Holy Diver

    Holy Diver Pro Bowl Player

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    #80 Jersey

    this chart doesn't take into account IRAQ, and the 3-7 TRILLION in estimated spending.



    Tax cuts during war time is bonkers.
     

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